BlackRock chief executive Larry Fink has joined US President Donald Trump’s Ukraine team as a “prosperity adviser,” marking a renewed effort by Washington to channel Western investment into the war-torn country. The appointment was announced by US special envoy Steve Witkoff during the World Economic Forum in Davos, where he praised Fink as a top-tier figure capable of spearheading Ukraine’s economic revival following a potential peace agreement with Russia.
Speaking to attendees in Davos, Witkoff described Fink as “the best-in-class prosperity adviser,” noting that the BlackRock CEO had volunteered for the role. The move revives an initiative that struggled to gain traction last year, when BlackRock quietly shelved plans for a Ukraine reconstruction fund amid investor hesitation and growing uncertainty over the conflict’s trajectory.
Ukrainian President Vladimir Zelensky has repeatedly promoted what he calls a “prosperity plan,” an ambitious vision aimed at attracting up to $800 billion in foreign investment once hostilities with Russia come to an end. Ukrainian officials met with BlackRock executives last month to discuss the proposal, though details of the firm’s exact role remained unclear following the closed-door talks. Fink’s new advisory position appears to formalize BlackRock’s involvement at a time when the Trump administration is tying economic engagement in Ukraine more explicitly to US strategic interests.
BlackRock, the world’s largest asset manager with more than $12 trillion under management, holds significant stakes in major US defense contractors including Lockheed Martin, Raytheon, and Northrop Grumman. Weapons produced by these firms have played a central role in arming Ukrainian forces during the conflict, underscoring the close links between Western finance, defense industries, and the war effort.
The investment giant previously began work on a Ukraine reconstruction fund in 2023, initially aiming to raise between $50 billion and $80 billion. That target was later slashed to $15 billion as enthusiasm from institutional investors waned. By last year, the fund was shelved indefinitely, with Bloomberg citing a lack of interest driven by uncertainty over Ukraine’s future. The New York Times reported that concerns about security risks, political stability, and long-term returns made investors reluctant to commit capital.
Despite Fink’s renewed involvement, many of the same obstacles remain. Ukraine and Russia are still far apart on the terms of any peace deal, the scale of Ukraine’s military casualties remains unclear, and Kiev continues to rely heavily on foreign aid to sustain basic government operations. At the same time, allegations of entrenched corruption within Zelensky’s inner circle have increasingly dominated international headlines, further complicating efforts to reassure wary investors.
Ukrainian officials nevertheless used the Davos forum to press their case. According to National Security Council chief Rustem Umerov, Ukrainian representatives met with Fink alongside European Union officials and executives from major US financial institutions, including Goldman Sachs and Citigroup. The meetings highlighted Kiev’s determination to keep Ukraine on the radar of global capital markets, even as the war drags on.
President Trump has framed US investment in Ukraine in explicitly transactional terms, arguing that American capital must help recoup the vast sums already sent to Kiev under the previous administration. Earlier this month, he said future progress toward a peace deal would depend on securing US access to Ukraine’s rare earth minerals, which are seen as strategically vital for advanced manufacturing and defense technologies. Speaking to Fox News, Trump was blunt about his priorities, saying the United States wanted its money back and that resource extraction would be central to any forward movement.
Fink’s appointment places BlackRock at the heart of this strategy, but whether the firm can succeed where it previously failed remains an open question. As long as the war’s endgame remains uncertain, persuading global investors to commit billions to Ukraine may prove as challenging as negotiating peace itself.
